Luxury cash buyer rules start today in Miami and NYC

Starting today, luxury buyers wanting to pay in cash will no longer be able to hide behind an LLC in Manhattan or Miami-Dade County.

Real estate agents in those areas will be watching closely as rules from the U.S. Department of Treasury are implemented, requiring title companies to report certain buyer’s identities in high-end cash real estate transactions.

The ruling is designed to collect new data on cash buyers and act as an extra barrier to money laundering. Parties structuring or assisting in structuring a transaction to avoid the currency transaction reporting will receive a fine and up to five years in prison.
The rules
The Financial Crimes Enforcement Network (FinCEN) has said that title insurance underwriters in Manhattan and Miami-Dade County will have to identify “nat…